Leading cryptocurrency analysts have pointed to the coming week for Bitcoin (BTC) and Ethereum (ETH) in their recent predictions! What to expect for Bitcoin and Ethereum this week? Experts explained…
Bitcoin (BTC) Liquidity Is At Its Lowest In The Last 10 Months!
As Cryptokoin.com reported, the leading cryptocurrency Bitcoin (BTC) has encountered the interest of many investors in recent days and has managed to break the $ 28 thousand level again. The leading cryptocurrency gained 22 percent this month, while it has risen by 65 percent since the beginning of the year. In addition, interest is also gathered on the leading altcoin Ethereum. With the momentum gaining, many investors are turning to the altcoin leader, while ETH is showing strong levels around $1,750.
However, one of the main reasons for the rise of BTC and ETH can be explained as the crisis in the banking sector, which is one of the traditional financial methods, and the investors’ loss of faith in banks. On the other hand, with the emergence of the banking crisis, Bitcoin liquidity reached a 10-month low amid the US banking crisis. For this reason, many investors have turned to the crypto industry. This is a large part of the reason behind Bitcoin’s rally. On the other hand, it is worth noting that in the week ending March 25, approximately $100 billion was withdrawn from deposits. Despite this, the cryptocurrency market has retained a valuation of over $1.16 trillion and remains an attractive investment option.
The US Banking Crisis caused investors to turn to Bitcoin
The ongoing US banking crisis has caused many customers to lose faith in traditional banks and turn to crypto trading instead. It is worth noting that from March 8 to March 25, deposits of US banks fell significantly due to concerns about bank bankruptcy. Meanwhile, Bitcoin has soared 35 percent in the last two weeks, reaching as high as $28,000. This suggests that investors are shifting their savings from banks to cryptocurrencies. While the cryptocurrency market responded positively to the banking crisis, BTC experienced a rise of about 40 percent.
Officials on alert as banking sector collapses: “BTC could be an alternative to the US dollar”
According to experts, the rise in BTC prices is due to the fact that many Americans, including institutional investors, have recently bought large amounts of Bitcoin, believing that Bitcoin will replace the US dollar as the world’s reserve currency. This can be attributed to the fact that the dollar’s value tends to decline during times of financial crisis. This is why Bitcoin seems like a popular choice for investors when things are uncertain.
Officials are keeping a close eye on the global banking industry after the sudden collapse of two US lenders and the bailout of Swiss bank Credit Suisse. This sparked concern, causing a drop in global financial stocks. Despite reassurances from officials, investors remain cautious and the Fed is watching the situation carefully. The broad-based US dollar managed to regain some of its gains on Monday, demonstrating investor confidence in the currency. Meanwhile, Bitcoin price is unaffected by changes in the traditional financial system. Bitcoin’s price is constantly rising as investors seek safe-haven assets.
On the other hand, the cryptocurrency market may be affected by the upcoming risk factors as there is not much on the economic calendar. Investors will pay special attention to the Core Personal Consumption Spending (PCE) Price Index, the Federal Reserve’s preferred indicator of inflation. If the inflation figures are solid, the US dollar could rally.
BTC and ETH price
The leading cryptocurrency Bitcoin is momentarily at $ 27,960 and is very close to $ 28 thousand. In the last 24 hours, the leading crypto gained 0.3 percent. While the instant market value is at the level of 539 billion dollars, the 24-hour trading volume is at the level of 15 billion dollars. According to technical analysis, BTC/USD is currently trending upwards. However, it may face some resistance once it reaches the $28,950 level.
If bitcoin manages to break the $28,950 resistance level, it could potentially increase its value to $29,200 or even $30,700. However, if a bearish divergence emerges, the support levels near $26,600 and $25,200 are likely to offer significant support.
Looking at ETH, there is a 0.7 percent decrease in the last 24 hours. ETH is momentarily traded at $1,769.45, with a market cap of $213 billion. Looking at the transaction volume in the last 24 hours, it has a transaction volume of 8 billion dollars. According to the technical analysis, if the ETH/USD pair successfully surpasses the $1,800 level, it is likely to face resistance at the $1,900 level.
Support levels for the ETH/USD pair are expected to be found at the $1,700 or $1,620 levels.
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